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84 -- 006197 applicable1aw r~ 5Uch interest to be paid, Lender shall not be required to pay Borrower any inte'.st or earnings on the Funds, Lender shall give to Borrower, ~thout charge, an annual accounting of the Funds showing credits .nd debits to the Funds and tl,e purpose for whkh each debit 10 the Funds was made, The Funds are pledged as additional security for the sums secured by this Deed of Trust. I f the amount of the Funds held by Lender, together wi~h the future monthly installments of Funds payable prior to the due dates of taxes, assessments~ insurance premiums and ground rents. shall exceed the amount required to pay sald taxes. assessments, insurance premiums and r ground rents as they fall due. such e>tcess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly I installments of Funds. If the amount of the Funds held by Lender shaH not be sufficient io pay taxas, assessments, i~surance premium~ and ground rents as they fall due, Borrower sball pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full or all sums secured by this Deed of Trust. Lender shall promptly refund to Borrower any Funds held by Lender, If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immedialely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 3, Appll<allon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shaH ~ app!ied by Lender firs! in ~yment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances, 4, Cbarxes; IMns. Borrower shall pay all tues, assessments and other charges, fines and impositions altributable to the Property which may attain a priority over !ttis Deed of Trust, and leasehold payments or ground rcots, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such pa;meiits. Borrower shall promptly discharge ailY lien which has priority over this Deed of Trust; prO\'ided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gond fallh contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. HazanllllSUl'IlIKt!. Borrower shall keep the improvements now 0"'" J~,: vI "ereafter erect,d on the Property insured against loss by fire, hazards included within the term "extended. co"/erageH < ar.:d such 01~~,' a.L...ujs as t ,:'~:rl:'i" may require and in such amounts and for such periods as Lender may require; provided, that Lender shall nOl require that li.e amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. The insurance carrier providing the insurance shall be chosen by Borrower subject 10 approval by Lender; provided, that such approval shall not be unreasonably withheld, All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, directly to the insurance carrier, All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender _ Lender shall have the right to hold the poHties and renewals thereof. and Borrower shall promptly furnish to Lendet all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds sbaIllle appli<'<l to the sums secured by this Deed of Trust. ..ith the excess, if any, paid to Borrower, If the Property is abandoned by Borrower "or if Borrower fails to respond to Lender within 30 days from the date notice i. mailed by Lender to Borrower that the insurance carrier offers 10 ,ettle a claim for insurance benefits, Lender is authorized 10 collect and apply the insurance proceeds at Lender's option either to restoration or repa,r of the Property or to the sums secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly it'.slallments referred to in paragraphs I and 2 hereor or change the amount of such installments, l.f under parqraph18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds; thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the utent of tbe sums secured by this~ of Trust immediately prior to su<h sale or 8l:Quisition, 6, PnMnalioD..... Maialeaul:e of Property; I..-bokb; CondomlallUDJ; PlaIUIed Vlllt DeveIopmeata. Borr<lwer shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and sba!loomply with the proviskms uf iiil}' iCiLK if tilii ~ 01 Tr\lSL j~ Oil il ;~u.d. If this ~ of Tn,ijt is on is unit if. . wiiduwiniWfi Vi & p~ unit devclopiJiCillJ Bofwwer shall perform all of Borrower's obligations under the declaration or <ovenants creating <lr governing the COIId<!minium or planned unit development, the by-laws and regulations of the oondominium or planned unit development, and constituent documetlts. If a con~!It planned unit development rider is executed by Borrower and recorded together with this Deed of Truot, the CQve.1lll1ts and agreement$or~ rider shall be iocorporated into and shall amend and supplement the covenants and agreements of this Deed of Truslu if the rider wtRa ~ hereof. " Protectioa of Lender', Secwity. If Borrower fails to perform the wvenants and agreements contained in this Deed of Trust, or irany action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limited to. eminentdomail!. insulveiii:Y~ code e"afOrCEiilei1t. vi a..cu'1iwn~ts or jJfiX..-eeding$ invo!ving a bankrupt Qr d~ent~ then Lender at Lender'5o OptiO"-l upon notice to Borrower. may make sucll appearances, disburse such swos and take such a<tion as is neccs.sary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees end entry upon the Property to make repairs, If Lender required mortgage insurlUlCe as a condition of making the loan secured by this Deed of Trust. Borrower .hall pay the premiums required to maitltain such insurance in effect until .uch lime as the requirement for stich insurance terminates in a<:~ordan<e with Borrower's and Lender's written agreemenl or applicable law, Borrower shall pay the amount of all mortgage insurance ptemiwos in the manner pro\ided under paragraph 2 hereof, Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower ,""""ed by 'hi. Deed of Trost, Unles5 Borrower and Lender agree to other terms of payment, such a.'llOUlllS shall be payable upon notice from Lender to Borrower requesting paymen~ thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on outsI&nW.n. principal under tbe NOle unles5 payment of interest at such rate would be contrary to applicable law. in which event such amountS shall beat interest at the hijhcst rate permissible under applicable law, Nothins contained in this paragraph 7 shall require Lender to in~'Ur any t'xpc:n:se Of take aJlj action ~"ld=r. , ., laQIIedIoII.l..$der may maJre or cause 10 be made reasonable entries upon and inspections or the Property, provided that Lender sball L fIl,e Borrower notl"" prior to any such inspectiun speclfyin. reasonahle cause tberefor relat.ed to Lender's interest in the Property. 9. (~"'rvnln"",. 'f'he prcce:ed.s of any award or coom for darna.gcst dire:..'t or cO!l$CQuential. in conneciion with any condemnation ()1' ,"''ie, taki". of lhe Proper~y, 01 pan thereof. or for conveyance: in lieu of ronrlemnati<m, are bereby as~ and shaH be paid to Lender. la the <Nenluf a total tWOiof the .Property, the proceeds .hall be applied to lhe "uns '<:'Cwed by this Deed ufTru.", with ,heexces.. if any, 1>Wl (0 BorTOWel. In ,lie ...ent of. part1ll! tai<ins of the Property, unle..Borrow.r alld Lender l.l\ber'wise atlfee in writing, ,here .hall be appli<<l u~ d\< "um.~ ?Xu.n:d by th,~ i*d ot Trust lut::h Pt()pOrtioo u-f t-he- pn..-.:ccds &$ t\S CQual to that proportion which tht" 3l1HJiJUt of the 'Wnl.:; se\:urw